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Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

ORGANIZATION AND BASIS OF PRESENTATION

BASIS OF PRESENTATION

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.

These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

BASIS OF CONSOLIDATION

These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 12 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these condensed consolidated financial statements exclude amounts related to discontinued operations for all periods presented. A portion of NCI on Duke Energy's Condensed Consolidated Balance Sheet as of December 31, 2024, relates to discontinued operations. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 10 and 12 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets.

			March 31, 2025																		December 31, 2024
						Duke						Duke			Duke									Duke						Duke			Duke
			Duke			Energy			Progress			Energy			Energy						Duke			Energy			Progress			Energy			Energy
			Energy			Carolinas			Energy			Progress			Florida						Energy			Carolinas			Energy			Progress			Florida
Current Assets
Cash and cash equivalents			$	475		$	46		$	87		$	53		$	16					$	314		$	6		$	73		$	24		$	33
Other			39			6			34			23			10						84			9			76			40			35
Other Noncurrent Assets
Other			22			1			11			5			7						20			1			11			5			7
Total cash, cash equivalents and restricted cash			$	536		$	53		$	132		$	81		$	33					$	418		$	16		$	160		$	69		$	75

INVENTORY

Provisions for inventory write-offs were not material at March 31, 2025, and December 31, 2024. The components of inventory are presented in the tables below.

			March 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Materials and supplies			$	3,413					$	1,133					$	1,677					$	1,090					$	586					$	155					$	399					$	12
Coal			700						309						233						137						96						18						140						—
Natural gas, oil and other fuel			305						46						197						106						91						11						2						49
Total inventory			$	4,418					$	1,488					$	2,107					$	1,333					$	773					$	184					$	541					$	61

			December 31, 2024
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Materials and supplies			$	3,387					$	1,150					$	1,649					$	1,074					$	576					$	149					$	389					$	11
Coal			801						341						241						164						77						23						196						—
Natural gas, oil and other fuel			321						45						196						103						92						11						1						67
Total inventory			$	4,509					$	1,536					$	2,086					$	1,341					$	745					$	183					$	586					$	78

OTHER NONCURRENT ASSETS

Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022 and recorded an asset of $150 million related to the arrangement in Other within Other noncurrent assets on the Condensed Consolidated Balance Sheets as of March 31, 2025, and December 31, 2024.

ACCOUNTS PAYABLE

Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.

The following table presents the amounts included within Accounts payable on the Condensed Consolidated Balance Sheets sold to the financial institution by our suppliers and the supplier invoices sold to the financial institution under the program included within Net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025, and 2024.

			Three Months Ended March 31, 2024 and 2025
															Duke
			Duke						Progress						Energy
(in millions)			Energy						Energy						Florida									Piedmont
Confirmed obligations outstanding at December 31, 2023			$	50					$	3					$	3								$	47
Invoices confirmed during the period			57						1						1									56
Confirmed invoices paid during the period			(31)						(2)						(2)									(29)
Confirmed obligations outstanding at March 31, 2024			$	76					$	2					$	2								$	74
Confirmed obligations outstanding at December 31, 2024			$	13					$	1					$	1								$	12
Invoices confirmed during the period			18						—						—									18
Confirmed invoices paid during the period			(13)						(1)						(1)									(12)
Confirmed obligations outstanding at March 31, 2025			$	18					$	—					$	—								$	18

NEW ACCOUNTING STANDARDS

No new accounting standards were adopted by the Duke Energy Registrants in 2025.

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- Definition

The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.

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